Banks extend gains on hopes of rate cut on May 3

Shares of Indian banks extend gains after data showed wholesale inflation slowed in March, raising hopes the central bank would cut interest rates at its policy review on May 3.

Rate cuts help loan growth at lenders and ease margin pressures, according to analysts.

Public sector banks could also benefit as they are big holders of government bonds, which could rally should the RBI ease monetary policy.

State Bank of India gains 3.3 percent and ICICI Bank is up 1.7 percent.

At 14:19 hrs State Bank of India was quoting at Rs 2,137.65, up Rs 55.60, or 2.67 percent. It has touched an intraday high of Rs 2,154.00 and an intraday low of Rs 2,062.15.It was trading with volumes of 274,024 shares.

At 14:20 hrs ICICI Bank was quoting at Rs 1,056.40, up Rs 11.45, or 1.10 percent. It has touched an intraday high of Rs 1,068.55 and an intraday low of Rs 1,030.It was trading with volumes of 216,493 shares.

At 14:22 hrs Yes Bank was quoting at Rs 459.50, up Rs 16.30, or 3.68 percent.It has touched an intraday high of Rs 463.30 and an intraday low of Rs 443.50.It was trading with volumes of 285,874 shares.

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